Transparency is the key concern of the Calcutta Metropolitan Development Authority (CMDA), with crores coming in for projects under the Jawaharlal Nehru National Urban Renewal Mission.

Acting on an order from the Centre, the CMDA has notified that separate bank accounts will have to be opened for projects under the renewal mission and detailed records of transactions maintained.

The onus of opening the accounts will lie on the agencies engaged by the CMDA for executing the projects. And as the nodal agency for all schemes under the mission, the CMDA will have to open an account for the entire corpus.

“The rules have been formulated by the Centre to prevent diversion of funds or other financial impropriety while executing projects under the renewal mission,” said P.R. Baviskar, chief executive officer of the CMDA.

“The separate accounts will also ensure that delayed execution of or financial bungling in one project will not lead to the scrapping of another,” he added.

The total expenditure for all projects under the mission — work continues till 2012 — has been pegged at Rs 2,167 crore. Around 35 per cent of the cost will be borne by the Centre, 15 per cent by the state government and the rest by the CMDA. The agency may tie up with a private entrepreneur if it fails to pay from its coffers.

The funds from the Centre, state government and other sources will come into the CMDA’s account, from which payment will be made to accounts opened by the implementing agencies.

As all the transactions will be made through banks, the authorities will be able to verify each and every detail.

“The system will also help us ascertain the financial position of a particular project and the progress of work,” Baviskar added.

Projects lined up under the renewal mission include flyovers, roads, water treatment and solid-waste management plants and housing estates.

Work has already begun on Duttabad-Ultadanga flyover, Nonadanga housing project, Serampore water-treatment plant (phase II), Padmapukur water-treatment plant (phase II) and Garden Reach water-treatment plant (phase III).